Endowment invasion is when an institution draws on its financial endowment to pay off debts and cover the yearly operating expenses. In New York the practice requires approval from the state attorney general's office and the New York State Supreme Court. By 2009 most states had adopted Uniform Prudent Management of Institutional Funds Act, a law which allows "invading principal".[1] It is considered a last resort for any institution to stave off closure.[2]
^"Prudent Management of Institutional Funds Act". National Conference of Commissioners on Uniform State Laws. Archived from the original on January 6, 2014. Retrieved June 5, 2014.
^Pogrebin, Robin (June 17, 2009). "City Opera Tries to Hold Off the Ultimate Finale". The New York Times. Archived from the original on Jul 17, 2014. Retrieved 2009-06-18. During Ms. Baker's tenure, City Opera has raided its endowment — which now stands at $16 million, down from $57 million when she was appointed in December 2003 — to pay off debts and cover operating expenses. The practice, known as endowment invasion, requires approval from the state attorney general's office and the State Supreme Court, and is widely considered a last resort for any arts institution.
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